Right time to strengthen internal company controls

News/ 4 September 2017

36% of organisations have experienced economic crimeduring the past 2 years22% of organisations have not carried out a single fraud risk assessment during the past 2 yearsOne in ten economic crimes are discovered by accident

Having considered client needs and sensing a growing demand for counselling related to economic crimes, we at Sorainen are offering a novel solution in the legal services market – white-collar investigation. We have assembled a team of specialists operating in Estonia, Latvia, Lithuania and Belarus. The team comprises attorneys, former investigators, prosecutors and judges.

The risk that managers or employees may harm their company increases when companies themselves expand and their owners grow more distant from daily management. Concluding harmful contracts, withdrawing money from the company or prejudicing company assets – these are just a few examples of potential harm.

The law provides protection only to a certain extent – and usually after the damage is done. First and foremost, companies themselves must map the risks and put in place the necessary internal procedures. Priorities depend on company size and the business area in which the company operates. Some companies need to focus on protection of business secrets, while for others the most important aspect is to adhere to competition rules to avoid cartels or to contact government agencies without being suspected of offering bribes.

Former Prosecutor General joins Sorainen

As of 4 September the Estonian white-collar investigation practice area is led by a former Secretary General of the Ministry of Justice and Prosecutor General Norman Aas. Having practiced law for almost 20 years, Norman has dedicated a large part of his life to white-collar crime investigations. He has experienced many complex white-collar crime proceedings and seen how much damage can be caused by disregarding dangers or by untimely action. As a result, he can advise on how to foresee and mitigate white-collar crime-related risks.

What are the tasks of the white-collar investigation practice area? In short, these are:

helping clients mitigate risks and strengthen internal controls;

advising clients who suspect that they may have become victims of fraud and assisting them to clarify these doubts, including carrying out internal investigations;

assisting companies that have become victims of crime in cooperating with state agencies during criminal proceedings: filing claims for damages, representing the client in criminal proceedings and assisting with gathering evidence;